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Comprehensive
RCEP TRADE
DEAL
RCEP
Economic
Partnership
(RCEP)
Why in news?
The member countries
agreed to achieve a set of
RCEP
TRADE
DEAL
About RCEP
RCEP
The 16 nations account
for a total GDP (PPP
basis) of about $50
trillion (40% of the RCEP is a regional economic
global GDP), house integration agreement
close to 3.5 billion between the 10-member
people (50% of world's ASEAN bloc (Brunei
population) and Darussalam, Cambodia,
over 25% of Indonesia, Lao PDR,
world exports. Malaysia, Myanmar,
the Philippines,
Singapore, Thailand
and Vietnam)
It proposes to It aims to facilitate SMEs and its six FTA
eliminate most tariff and engagement in global partners India,
non-tariff barriers and regional supply China, Japan,
liberalize investment norms chains as SMEs make South Korea,
remove services trade up more than 90% Australia and
restrictions. business establishments New Zealand.
across all participating
RCEP countries.
RCEP Benefits
to
India
India seeks to secure India may emerge as an attractive RCEP can help India's existing free
greater market access investment destination for China. trade agreements with the ASEAN
for services and ease To offset the increasing labour as it can resolve challenges like
in restrictions. costs, Chinese firms have been Noodle bowl situation.
relocating labour-intensive
manufacturing to Vietnam,
Cambodia, Thailand and
Indonesia